Global fingerprint access control systems market size is expected to reach USD 4.4 billion by 2022, growing at a CAGR of over 7% from 2015 to 2022. Escalating safety and security threats is anticipated to drive industry growth. Fingerprint authentication offers a reliable solution to enhance access control thus, assists to mitigate security breaches as well as transaction frauds.
The global smartphone industry was valued at USD 2.5 billion in 2013. It is expected to reach USD 4.4 billion by 2022, growing at a CAGR of 7% over the coming years. Emergence of multi-functional and cost-effective smartphones is expected to fuel growth. Huge demand from Asia Pacific is estimated to drive fingerprint access control systems market demand.
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Highly competitive business environment is likely to boost confidentiality needs for organizational data and information. Biometric systems market is anticipated to witness significant growth owing to incapability of password and security PINs to safeguard the data. This safety equipment is increasingly implemented for home fortification. Government around the globe is now taking stringent initiatives for biometric enrolment of their citizens. Advent of projects such as national identification programs, e-passports and border control are expected to drive industry growth. This measure can be attributed to secure borders, prosecute criminals, verify immigration or employment and combat identity fraud or terrorism
Implementation of this system requires huge capital investment. Apart from installation cost, it also involves allied expenses such as enrolling users, administering the system and training expenditures. However, theft or misuse of data is likely to pose a serious risk to the individual’s security. Fingerprint access control system market is expanding its roots into commercial, government as well as healthcare sectors. Its high penetration rate is projected to pose potential opportunities to the industry demand. Fingerprint Access Control Systems Market Share and Size, Global Fingerprint Access Control Systems Market Trends and Growth, Fingerprint Access Control Systems Market Overview and Outlook, Fingerprint Access Control Systems Mats and Forecasts
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Capacitive products accounted for over 27% of the overall industry share in 2014. It is anticipated to exceed over USD 1.3 billion by 2022 owing to its low cost as well as compact size. Optical products were valued over USD 900 million in 2014. It is estimated to grow at a CAGR of over 7% from 2015 to 2022. The growth can be attributed to high image quality robust long life of the system.
Commercial application was the leading segment, valued over USD 850 million in 2014. It is expected to exceed USD 1.4 billion by 2022, growing at a CAGR of 6.5% over the forecast period. The surge can be addressed to rising safety as well as security demands in various organizations. Consumer electronics accounted for over 4.5% of the overall market share. The growth can be accredited to rapid growing need for access control features in tablets & smartphones.
North America fingerprint access control systems market was sized over USD 850 million in 2014. It is projected to accumulate more than 30% of the overall industry share by 2022. Regional growth can be attributed to flourishing biometric application in healthcare as well as consumer electronics industries.
Asia Pacific fingerprint access control systems market is expected to witness considerable growth owing to increasing government initiatives in the region. It is likely to grow at a CAGR of over 7.5% from 2015 to 2022.
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